Bed Bath & Beyond, Pier 1 latest retailers to announce store closures

Friday

CNN reports Bed Bath & Beyond will shutter 40 locations, while as many as 145 Pier 1 stores could soon go dark, according to TV station WGAL.

They join a growing list of chains, including Fred's discount stores and JCPenney, that are reducing their footprints as more and more shoppers head online.

Other chains such as Payless ShoeSource and Charlotte Russe have said they're going out of business entirely.

Pier 1 says it has implemented an "action plan" that the chain hopes will save as much as $110 million by 2020

"We are continuing to focus on opportunities and initiatives to help drive incremental benefits in the coming years, creating the runway to return our brand to long-term health and sustainable financial performance," Cheryl Bachelder, Pier 1's interim CEO, said in a written statement.

In total, retailers have announced plans to close as many as 6,000 locations nationwide this year, leaving many shopping centers with vacancies that are becoming harder to fill.

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